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However, your age will affect how much you get paid and you have to hit your mid-20s before the National Living Wage kicks in for you. In April 2017, the minimum wage for 25-year-olds will rise by 4% from £7.20 to £7.50 an hour.

If you work a 37.5 hour week on £7.20 per hour, you earn £270 a week. A 30p per hour pay rise will increase that weekly salary to £281.25. That would make you better off by £585 a year.

However, if you are under 25 you will earn less. The hourly minimum pay rate for people aged 21-24 will be £7.05; for 18-20 years old it will be £5.60, under 18s will earn £4.05 and apprentices £3.50.

These are, however, government minimums and firms can pay more. Experts say the new National Living Wage is not enough. They say the rate should be more than £2 higher in London at £9.75, or £8.45 across the UK.

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Katherine Chapman, director of the Living Wage Foundation, said: “We welcome any pay rise for low-paid workers, especially now in these uncertain times with speculations about food and other prices set to rise.

“The reality, however, is that a fifth of UK workers aren’t paid enough to live on. There’s still a gap between the Government minimum and our real Living Wage of £8.45 in the UK and £9.75 in London, which is based on what families need to earn to meet everyday costs.